At Vertex Planning Partners our goal is to help our clients start the new year with a solid financial game plan. Setting clear and achievable financial resolutions is one of the best ways to ensure they’re on track to reach their goals. Here’s ten steps to help you get started on your 2025 goals:
1. Look Back at the Year
Take a moment to review how the past year went financially. Did you stick to your budget? How did your savings and debt reduction goals go? Understanding where your money went can give you a clear picture of what worked and what didn’t.
2. Set Goals You Can Stick To
Think about what you want to achieve next year. Maybe it’s building up your emergency fund, paying off a credit card, or saving for a big purchase. Make sure your goals are realistic and have clear deadlines—like saving $5,000 by June or paying off your car loan by December.
3. Create a Realistic Budget
A budget is your best friend when it comes to managing money. Make a plan that covers essentials (like rent and groceries), savings, and a little fun. And don’t forget to account for unexpected expenses!
4. Get Serious About Debt
If you’ve got debt, decide on a game plan. Some people like the “snowball method,” where you pay off smaller debts first for quick wins. Others prefer the “avalanche method,” focusing on high-interest debts to save money in the long run. Choose what works for you.
5. Invest in Yourself
Whether it’s your retirement account, an investment portfolio, or a side hustle, think about how you can grow your future wealth. Can you increase your 401(k) contributions or set up a small monthly investment? Automating these steps can make them feel effortless.
6. Think About Taxes
End-of-year is a great time to look at ways to save on taxes. Max out contributions to accounts like 401(k)s, HSAs, or FSAs if you can. And if you’re planning any charitable donations, now’s the time to do it!
7. Consult a Financial Advisor
Partnering with a financial advisor can make a significant difference in achieving your goals. Vertex Planning Partners can help you create a personalized strategy, provide guidance on investments, and address any financial concerns. Together, we can navigate complex decisions and ensure your financial plan aligns with your long-term vision.
8. Automate to Make Life Easier
Set up automatic transfers for savings and investments, and automate your bill payments to avoid late fees. It’s a small change that can save a lot of hassle.
9. Prepare for the Unexpected
Life is full of surprises, and being prepared can save you from unnecessary stress. Take a fresh look at your insurance policies and make sure you’re covered. This is also a good time to update beneficiaries on any accounts. Additionally, if you don’t already have an emergency fund, building one should be a priority. Aim to set aside 3 to 6 months’ worth of living expenses in a separate, easily accessible account. This financial cushion can provide confidence and stability during unforeseen events.
10. Celebrate Wins Along the Way
Don’t forget to reward yourself when you hit a goal, even a small one. It’ll help you stay motivated and make the process more enjoyable.
Let’s work together to map out a financial plan tailored to your unique needs and aspirations. When we approach your goals step by step, they become more attainable—and Vertex Planning Partners is here to support your every step. How does that sound? Please contact one of our financial advisors to get started on your road to success.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
